Released to mark Financial Planning Week (19-25 August), the FPA’s Gifts That Give national research showed that 81 per cent of Gen Z (born 1995-2009, aged 18-24) and 76 per cent of Gen Y (born 1980-1994, aged 25-39) would like the gift of time with a financial planner.
Fifty-seven per cent of all Australians said the same, with the FPA saying it indicates “a strong overall positive desire for professional help to create a financial plan”.
As a result, the FPA said it is equipping its members with a customisable gift voucher as a way for Baby Boomer clients to consider actively investing in the financial literacy of their adult children and grandchildren.
“Four in five Australians aged 18-39 are keen to work with the emerging breed of financial planning professionals who are committed to nationally mandated higher levels of education, ethics and accountability,” said FPA chief executive Dante De Gori.
“We stand with Australia for a better financial future, and on behalf of our 14,000+ FPA members, we welcome the opportunity to help more people, from all life stages.”
FPA chair Marisa Broome said many parents and grandparents want to inspire the younger generation to seek the advice of a professional financial planner, but are unsure how to do so.
“I’ve been offering gift vouchers in my practice for many years, and it’s so rewarding to see the intergenerational ripple effect of good financial advice,” she said.
The actual article doesnt even talk about financial planning.
I would love nothing more than to be able to give more time to those that want advice. However, due to non-stop legislative change, as well as heavy-handed and over the top compliance the cost to serve clients is overwhelming and heading in the wrong direction (up). This article does not mention what these clients are willing to pay for advice. I recall some research a few years ago which quoted figures around $200-$300. Considering I have to diary note and provide a SOA if I scratch my arse during an appointment I can’t see this working. If Dante thinks this is our best course of action right now he is even more out of touch with us peasants as I thought. Heaven help us please!
Pretty sure I will be blocked soon on their social media accounts. If you follow them go and voice your opinions people. It’s all good for us to sit in the comment section of IFA but let’s actually take it to them.
This is the voice of the FPA? The person sitting at the negotiating table? My goodness, he doesn’t reflect my business that’s for sure. Handing out vouchers so we can speak to 23 year olds about crushing down a HELP debt our paying off a credit card? Spare me.
If any other company saw the level of negative feedback regarding its CEO every time they open their mouth the board would replace them. Not the FPA though. Utter clowns.
Seriously go check out the FPA twitter, now they have a tweet saying go to their facebook page for a chance to win $2,400 toward seeing a financial planner.
I can’t recruit a Paraplanner and now I’m outsourcing to Manila and so I’ve scaled back my operation and increased my costs. The cost of delivering compliant advice can not be delivered at a level that someone saving for a mortgage could and would pay. In regards to gift vouchers and the FPA board member, has a letter of engagement been prepared, setting out the scope and cost of the engagement as per FPA requirements…has a proper financial planning process been carried out as per FPA requirements. That first step alone is not cheap.
I would much rather see the FPA wind up and close it’s doors. It’s lost all relevance for me and has hurt the industry immensely . I just see them as a greedy conflicted bunch of self centered morons out of touch with it financial planners.
FPA chief executive Dante De Gori said I couldn’t hack it as a planner so I became a ticket clipper. all we have got during your tender is more compliance, other companies getting away with giving the same services with 0 compliance = no customer protections and no accountability all because you have been too busy try to sell courses rather than protect adviser and consumer interest.
FOFA band commissions for advisers then introduce Intra fund advice they should have been in the press with tv ads. Dante you need to go mate….. take some notes from the Mortgage brokers
We can give them an education session on how they are paying for advice (they aren’t receiving) in their union super funds, under the Intrafund advice (tied agency) legislation rort.
You want a good laugh go on the FPA twitter page and read the actual article.
FPA = Fee for no service. What are these useless fools spending adviser’s money on??
If they value advice, how much are they willing to pay for advice?
And can they find an adviser, I heard they’re becoming extinct.
What sanctimonious claptrap – “Four in five Australians aged 18-39 are keen to work with t[he emerging breed of financial planning professionals who are committed to nationally mandated higher levels of education, ethics and accountability,” So what does FPA really think about the larger number of its members who have been advisers for more than say 5 years?
What a BS survey. There is a big difference between people liking a gift of time with a financial adviser and people being willing to spend money to have time with a financial adviser.
How about the FPA get out of their office and work with Government to reduce the compliance burden to help us bring down the costs of providing the advice.
So FPA how much is the ” gift voucher ” for.
Clueless….
Now all advisers are expected to turn their practices into a Charity service! Who is going to fund our business costs when we are constantly burdened with extra compliance, education and business costs funding a growing group of government bodies! Perhaps the government should provide subsidies to fund these activities (if you are truly interested in providing more Australians with advice – the younger Australian’s simply can’t afford it), instead of expecting advisers to burden their businesses with these extra costs. The constant high ground the FPA and Government takes, doesn’t keep advisers in business for the future!!!